Mr. Speaker, I rise today to bring to the attention of Canadians the importance of business development corporations. At the same moment that we are looking at a wide ranging revision of our programming through human resources development it is important that we recognize programs that work well.
Since 1981 over 200 BDCs have been providing loans to small businesses. In Ontario 55 BDCs have granted over $115 million in loans to almost 5,000 businesses. Companies exist today which otherwise would not.
The job creation impact has been impressive. In Ontario the program has created 10,926 jobs at an average cost of only $6,200. Even more impressive is the realization that the corporations make loans which have been turned down by traditional lenders and that in 93 per cent of the cases the advances are repaid in an orderly fashion.
BDCs are a success story of small business support and job creation. They deserve continued support.